Icap today reported steady trading figures for the three months to the end of June and predicted an uptick in trading for the rest of the year, indicating that some areas of the market -- notably the fixed-income, foreign exchange and derivatives markets -- are due a little light relief for the rest of 2011. But the outlook for equities remains uncertain.

Trading volumes at the inter-dealer broker were dampened by an unusually large number of UK public holidays for April and May, with improved market activity and growth from the beginning of June, Icap said this morning. Group revenue in the three months ended June 30 fell by just 4% year on year in line with expectations.